Marijuana stocks continued the November rally into December as investors loaded up on stocks ahead of California’s legalized recreational sales. The U.S. Marijuana Index jumped 50% and the Canadian Marijuana Index climbed 65% for the month of December.

Dan Nichols, who runs the Index said, “Since October 30th, when Constellation Brands announced their landmark C$245m investment into Canopy Growth, the North American Marijuana Index has increased 128%. The Canadian Marijuana Index has seen most of the gains, nearly tripling during Q4.”

The U.S. Marijuana Index saw gains of 85% in the fourth quarter and an end-of-year boost as values popped 35% in the last week of December. The average daily trading volumes also saw an increase of ten times from the third quarter to the fourth quarter. Overall trading volumes were up 60% from the third quarter to the fourth quarter.

The top three gainers for the month were Namaste Technologies (NXTTF) which rose 199%, CV Sciences (CVSI), which rose 165% and MCIG Inc. (MCIG), which gained 129%. The biggest and only loser for the month was MariMed (MRMD) which fell 1% in December.

The three biggest gainers for the calendar year of 2017 were Namaste Technologies which added a whopping 1,107% for the year, followed by Cronos Group (PRMCF) at 558% and Solis Tek Inc. (SLTK) at 337%. The three biggest losers for the year started with Emblem Corp (EMMBF) which lost 40% of its value for the year, followed by Marapharm Ventures (MRPHF) at 25% and then MPX Bioceutical which fell 6% for the year.

Stocks took a tumble early in January when Attorney General Jeff Sessions rescinded the Cole Memorandum that gave guidance to states that had legalized marijuana. However, it seems many stocks have tried to stage a recovery as cannabis companies have largely ignored the negative news and have continued to operate with the idea that it was business as usual. Politicians have vowed to fight Sessions on his decision.

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